TotalEnergies Marketing Nigeria Limited, the downstream subsidiary of TotalEnergies hit a total revenue of N1.04 trillion in 2024. This is the highest revenue ever generated by a private wholly downstream player in Nigeria.
The company’s revenue during the financial year was 64 percent higher than the N636 billion revenue generated in 2023, a previous record.
In terms of profit, TotalEnergies made a pre-tax profit of N42.3 billion in 2024. This was more than double the N17.6 billion made in 2023. The company’s profit-after-tax was N27.8 billion, marking a 115 percent growth from the N12.9 billion net income generated in 2023.
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The surge in revenue is not far-fetched as petrol prices jumped in 2024. However, there was a slight decline in gross margins from 2023 to 2024, from 13 percent to 11 percent, as custom duties as well as the landing cost of petroleum products multiplied in 2024.
There was a much-reduced USD exposure for TotalEnergies, as the company’s FX losses were about N4.9 billion, in contrast with N11.5 billion incurred in 2023.
TotalEnergies Marketing has grown to become the second largest player in the Nigerian downstream sector, just behind NNPC Retail. The company’s profitability profile has also been enhanced by the removal of petrol subsidy which has incentivized it to open more outlets. As it stands, there about 530 TotalEnergies service stations in Nigeria.
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